HomeMy WebLinkAboutResolution No. 1963 RESOLUTION NO. 1 ,3
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DOWNEY, CALIFORNIA, APPROVING
AWARD OF REVENUE BONDS OF CITY OF DOWNEY
COMMUNITY HOSPITAL AUTHORITY.
WHEREAS, the Secretary of the City of Downey
Community Hospital Authority has heretofore at 10:00
o'clock A.M. at the office of the City Clerk of the
City of Downey received bids for 86,250,000 City of
Downey Community Hospital Authority Revenue Bonds;
and
WHEREAS, pursuant to Section 10 of the Joint
Exercise of Powers Agreement between the City of Downey
and the County of Los Angeles creating the City of
Downey Community Hospital Authority, the sale of such
revenue bonds by the Authority is subject to the prior
approval by resolution of the City Council of the City
of Downey; and
WHEREAS, the bid of the bidder hereinafter
named is the best bid made by a responsible bidder
for said bonds;
NOW, THEREFORE, the City Council of the City
of Downey, California, DOES RESOLVE as follows:
Section 1. That the bid of Merrill Lynch,
Pierce, Fenner & Smith, Inc.
offering S 6,250,000.00 par, $ -0- premium and
accrued interest to the date of delivery for said bonds
to bear interest payable semiannually at the rates of:
Rates Years
6.00% 19_11_ to 1976 Incl.
5.50% l9L to 197q Incl.
5.257 1 9 80 to 19 Icl.
5.00% 19 to lq
Incl.
4.90% 19 qs ' to Incl .
is the best bid for said bonds yielding the lowest net
interest cost. Said bid is hereby approved and the
award and sale of the bonds to said best bidder, in
accordance with the terms of the proposal therefor
is hereby approved by the City Council as required by
the terms of the Joint Powers Agreement referred to
in the recitals hereof.
ADOPTED, SIGNED AND APPROVED this k7Z day
of ?2- 1 9 6 7 •
Mayor of the City of Downey,
California.
ATTEST:
Lee"
City Clerk ,f the City of
Downey, Caifornia.
(SEAL)
2.
STATE OF CALIFORNIA
COUNTY OF LOS ANGELS ss.
CITY OF . DOWNEY
DELLA DOYLE City Clerk
of the City of - California, DO HEREBY
CERTIFY that thigittioreforegoiriwas duly adopted
by the City Council of said city and was approved by the
Mayor of said city at a regtqar,meeing of
said City Council held on the day of
19 67, and that it was soAdolYt=0,7As followS;.2 /
- - 4
AS Councilmen
NOES: Z) Councilmen
ABSENT: / Councilmen
,LLJ / 410
City Clerk op the City of
Downey, Caliornia
(SEAL)
.411*.•